I'm not joking, so please answer honestly and intelligently.
2006-06-26 13:24:53 · 8 answers · asked by Astrante 3 in Business & Finance ➔ Personal Finance
Being in debt is not a good position to be in.
1. Sit down and figure out a budget. And trim out any "fat" in that budget that you dont need. If you are deep in debt do you really need cable tv, etc.?
2. Pay off your highest interest rate credit cards first - or try to transfer balances to a card with no transfer fees and no interest.
3. Save money by being frugal, dont eat out, use coupons, buy groceries in bulk, etc.
Go to MSN Money section
http://moneycentral.msn.com/Editorial/Index/homedept.asp?c=6&a=6&d=33014#ManageDebt
Very good information on this site about saving money and debt management.
Good Luck.
2006-06-26 13:35:47 · answer #1 · answered by CoCoKauai 3 · 3⤊ 1⤋
First of all, you need to tally/total all of our items that cause you grief. Next, you need to write down approximately how much per month or per your paycheck they hit you and total it too. Third, figure out which ones are the highest interest. Most likely, it will be the credit cards and certain transactions such as cash advances that caused some of it. Fourth, make sure that you know your credit bureau report is in decent shape, i.e. no derrogs on file (no chronically late or missed payments over 60 days over a substantial period of time). Pay 25-35 bucks for it - it is worth checking at this point. Knowing this information will map out a success rate for you in applying for the so-called "consolidation" loan(s). It is a loan that you consolidate or combine all of your outstanding debts into at one manageable rate and one payment. Typically, it will be at least 1/2 of what you might be paying out now from your paycheque. Make sure YOU aske the lender who authorizes and is willing to extend this loan to you to HELP YOU cut those cards up and trash. Leave one-two credit cards (1 visa, 1 mastercard) with minimum possible credit limit and try not to use them for at least 3-4 months until you get into the habit of managing your budget. Make a mental note to yourself that this is going to be the way of life for you for now. This is a habit-forming experience. Your will needs to play a major hand in it. **If you have a house and some equity in it, you can potentially re-finance for that larger amount to add to your existing mortgage and consolidate it that way...but I don't know if you have it...Hope that helps...Good luck as you will need some work to do.
2006-06-26 15:35:05 · answer #2 · answered by Elias 2 · 0⤊ 0⤋
I have never gotten into "deep debt" but I do know how to get out of it. I have helped dozens of families get out of debt. I teach them the rules of finances along with a few other important concepts. Contact me as soon as you see this message. I kid you not. I can help you.
2006-06-26 13:37:27 · answer #3 · answered by dragin 1 · 0⤊ 0⤋
yes, i had 14 credit cards and two personal loans, I joined credit guard of america based in boca raton florida and i cut up all my credit cards, made out a strict budget, got rid of all unneccesary things, started working over time and in three years i was out of debt.
2006-06-26 13:31:58 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Sold my house. Jules, Australia.
2006-06-26 13:31:36 · answer #5 · answered by Jules G 6 · 0⤊ 0⤋
No I have not and I think it is wise not to use credit card unless necessary
2006-06-26 13:28:23 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Quit buying and start paying.
2006-06-27 16:56:34 · answer #7 · answered by Patriarch 2 · 0⤊ 0⤋
This is a good resource
2006-06-26 20:27:18 · answer #8 · answered by Anonymous · 0⤊ 0⤋